The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-07-16

HONEY 9 TO 8 PER CENT, NEW
YORK EXCHANGE Is PREM.
Cotton Quiet-Middlisg Cotton, loic
Sales Today 200
Bales.
APPEAL OPYIcn,

FRIDAY ENkNiNbs July Aoo'sb
Money Is firm at to per cont. on custom
ers' paper; all outside paper rejected. Few
bids and offerings ami no sales at the stock
call board session today. The local cotton
market Is suiet and unchanged, Sales for
the week. 525 bales.
At New Orleans spots are easy and OF l-l6c,
while futures are steady and up point on
the old crop aud 2 to points on tho new.
The Ecw York spot market closed steady
and of l-l6c. Futures closed steady and of
2to points on the old crop and to points
up on the new. @. L. Greene d Co.'s rerort
Of the 18th on cotton says: There
was an unexpected weakness on con-
tracts, owing to the very Disappointing char
actor Of advices from abroad, Liverpool fall
Ing 10 respond to the stesdier tone sent over
from here last evening". Free offerings under
the effort to liquidate broke Of the old crop
some 1911 points. but after the supply OF
selling orders was exhausted, there came .
recovery Of ss9 points and a somewhat stead-
isr feeling. Net crop was relatively the firm
est. the decline amounting to only sos points
and the recovery lO9ll points"
An exchange says "The fact that these
British national securities touched the
highest point yet known, 1881, has called
attention TO their somewhat remarkable
history. They have been in existence, says
the London Raiilcdy Neics, 1856 years, having
been created by act Of Parliament In lI5l.
Prior to this date the national securities
were called consolidated 8 per cent. annui-
ties" which were created In It's, and ten
years later rose to per cent. premium; but
the entire amount Of these at first was less
than fl0,0OO.OOO. The price Of consols from
tho time Of their creation has followed the
fortunes and roverses Of the nation. Thus,
In 1877 and 1898, whom all Europe was at war,
the price, which started at lo3 in the year
1T5l. dropped to AZ, the lowest point
thus far In their history. When the Bank
Of Raglald suspended specie payment In
February, 1877, consols went down TO SIX.
In the following April the mutiny Of the
British fleets at Spithead and tho More sent
them down to isk, which. Of course. made
the interest on them per cent. In jana
arg, IDS. the lowest point was touched. an.
But the victory Of Lord Nielsen In August
and the defeat Of the French OF Ireland In
October Of the fame year soon sent them up
10 75H. Since lT9s consols have never been
below so. although on the eve Of the battle Of
Waterloo, In June, lbs. the p-ice stood at
s5x. but rose TO 81 whom the result Of the
battle became known. 10 this sharp rice
he Rothschilds laid the foundation Of their
immense fortune By employing means TO get
the news In advance. In 1856 there was a
severe commercial panic and eonsols fell TO
~ from SIX per cont. This panic, like
thst Of 1885. was due to the over speculation
In Joint stock enterprise. Coming down 10
more recent times, the lowest point touched
was TsN In 1877, tho highest having been
So per cent. In May Of that year money
Wa so scarce In London that merchants Of
the highest standing had to pay from Il 10 L
per cont for the discount Of bills. Never
since 1853 had there been such gloom and
Dependency In the money market, and III,
bank was In such straits that II had TO sell
the consols Of the rawlings banks. The fail
srs OF the deputy governor Of the Bank o
England increased the panic, and OIL
enc Of the Northern banks for $500 OF
nsssrs. a vn A Ca. with txenty-tvo days 1,
S,...t.s az n,
ruh'"n aisooathued ~ 10 POI cent. VI
one occasion daring the panic the bani
had only 10000 TO pay 81 1885,.
w oi pAnhen oepoNe. tu w
outlook At home and abroad vas tar d.rE''